The value of your Bradenton rental home will depend on a number of factors including location, size, condition, and of course the strength of the current market. With more and more people moving into Florida, we’re finding that the tenant pool in Bradenton and the surrounding areas is growing. That means you can likely earn a little more for your property, since there’s a high demand for well-maintained rental homes. If you’re renting out a vacation home, what you charge will often be seasonal.
To ensure accuracy and avoid a long vacancy period, always conduct a comparable rental analysis before you price your property. A Bradenton property manager can help with that. You’ll want to access reliable data about what homes similar to yours have rented for in the area recently.
Here are some of the factors that will impact how much rent you can charge.
Location is Always a Pricing Factor
The neighborhood will play a large part in how much you’re able to charge for your rental property. Long-term tenants are going to want good schools for their children and proximity to shopping, restaurants, and entertainment. If you’re considering a short-term rental, you’ll want to be close to popular tourist hotspots like the beach and spring training baseball fields.
Location is particularly important when you’re doing your rental analysis. Rental values can change from one street to another, so be as precise as you can when you’re exploring what competing homes are renting for.
Vacation Homes: Consider Amenities and Season
For a vacation property or a short-term rental, you’ll be able to charge more when you offer the amenities visitors are looking for during their stay. If you have a pool, your rental rate will be higher. If you offer a short walk to the beach, you can also earn more.
Season will also be a large factor in what you charge for a vacation property. Most visitors to Florida come during the winter months, but you’ll also have some summer vacationers looking for property. Make sure you’re pricing your home to fit the demand.
Property Condition and Pricing
Perhaps the factor over which you have the most control is property condition. What you charge will depend on whether you’re offering a fantastic rental home or a mediocre rental home. When you invest in upgrades and updates so that your property is modern, comfortable, and attractive, you’ll be able to earn more.
Replace any aging or malfunctioning appliances. Pull up the worn carpet and replace it with new carpet or hard surface floors. Install new lighting, especially in the kitchen and bathrooms.
If your property is well-maintained and nicely landscaped, you’re going to earn higher rents than you will if the home looks old and seems to be falling apart. Make these investments when you have the opportunity. You’ll not only earn higher rents; you’ll also attract better tenants.
We can help you price your rental home accurately and competitively. Whether you’re renting out a long-term residents or a short-term vacation home, don’t price it before you talk to a Bradenton property management company. Contact our team at Anchor Down Property Management.